Table Space eyes $2.5B valuation in India IPO

Table Space, an Indian managed workspace provider, is targeting a valuation of $2.5 billion or more for an IPO planned for next year, sources familiar with the matter told TechCrunch.

The Bengaluru-headquartered startup has hired Axis as a bookrunner for the IPO, the sources said.

Founded in 2017, Table Space leases large office spaces, transforms them into fully serviced, tech-enabled campuses, and offers them to corporate clients as customized offices, co-working spaces, and managed meeting rooms. Hillhouse Capital invested $300 million in Table Space in a funding round in late 2022, and the startup is currently valued at about $550 million.

The company operates more than 60 centers across six urban Indian cities, primarily serving Fortune 500 companies such as Apple, Google, Mastercard, PayPal, AMD, Ericsson and Shell. The startup has expanded its real estate portfolio to over 9.5 million square feet across major Indian cities, and aims to nearly double this footprint within three years by investing about $535 million. 

Table Space declined to comment.

In a recent interview with an Indian daily, the company’s co-founder and president Kunal Mehra said the company expects annual revenue to reach nearly $600 million by March 2027. 

Table Space’s IPO and expansion plans come at a time of mild uncertainty in the global flexible workspace sector. While WeWork’s high-profile struggles have cast doubts on the viability of the co-working space business model around the world, demand for flexible office spaces in major Indian cities remains strong, driven by a growing technology sector and multinational corporations seeking to reduce long-term lease commitments.

Table Space’s plans for the IPO also follow the stellar public debut of Awfis, a Peak XV-backed co-working space provider whose stock has surged nearly 70% in the five months since its IPO. Many startups, including WeWork India, Indiqube and Simpliwork are also in various stages of deliberations to go public. 

The Indian market has delivered more tech IPOs this year than the U.S. as valuation multiples approach all-time highs in the South Asian market. Indian firms have raised over $9 billion via IPOs and FPOs this year, even as growth-stage startup deals remain muted.